What does the change mean? Foreign student selected by the government for participation will be eligible to work in South Korea provided they have an employment contract with a South Korean company. Companies hiring them will not be subject to the normal local staffing requirements.

Implementation time frame: Immediate and ongoing.

Visas/permits affected: Work-study visas (no official name has yet been determined).

Who is affected: Foreign students selected by the South Korean government for participation in the new program.

Business impact: The change makes it easier for companies to employ selected foreign students because they will be exempt from rules that require companies to have at least five South Korean employees and to limit the number of foreign employees to within 20 percent of local staff.

Next steps: The program will be available on an invitation-only basis, and it remains to be seen how many students will be able to take advantage of the new opportunities.